- Online beauty retailer Adore Beauty Group (ABY) has released its first half-yearly report as an ASX-listed company
- Adore reported an 85 per cent increase in revenue to $96.2 million thanks to customer growth and an ongoing customer retention rate of 65.5 per cent
- By the end of 2020, there were 777,000 active customers — with 276,000 being new customers in the second half of the year
- The company also saw a significant 188 per cent growth in earnings before interest, taxes, depreciation and amortisation to $5.2 million
- Aside from outstanding financials, Adore Beauty achieved an 84 per cent increase in podcast downloads, launched its mobile app and welcomed 33 new brands
- Adore rounded off the year with a healthy cash position of $25.9 million and no debt
- Despite these results, ABY ended the day 3.68 per cent in the red to trade at $5.49 per share
Adore Beauty Group (ABY) has released its first half-yearly report as an ASX-listed company.
Adore Beauty launched in Australia more than two decades ago as the first beauty-focused eCommerce website. Since then, it has evolved into a trusted community and online retailer that stocks over 260 brands and 10,800 products.
The pure play beauty retailer officially listed on the ASX in October 2020 after a staggering $269.5 million initial public offering (IPO).
"I am pleased to present our first set of results as an ASX-listed company. We have delivered record growth and financial performance, exceeding our prospectus forecast," CEO Tennealle O'Shannessy said.
Adore reported an 85 per cent increase in revenue to $96.2 million for the half-year period ending December 31 2020. This figure is 8 per cent more than forecasted in the prospectus.
The increase largely stemmed from customer growth and continued high customer retention rate of 65.5 per cent.
Active customers increased to 777,000 which is an 82 per cent increase on the prior corresponding period (pcp) and seven per cent ahead of its prospectus forecast. Of the 777,000, 276,000 were new customers in the first half of FY21.
"We have been thrilled to welcome many new customers to our platform over the last six months and are pleased to continue to be the online beauty shopping destination for our loyal customers," Tennealle said.
During the period, Adore Beauty saw brand awareness increase by 33 per cent which was driven by an expanded national TV campaign which was launched in May last year.
It seems customers were highly satisfied with Adore Beauty's customer service as its net promoter score was 82 out of 100.
The retailer also saw an 84 per cent increase in downloads of its podcast, Beauty IQ Uncensored. Other strategic milestones include the launch of its mobile app and onboarding 33 new brands.
Additional results include an earnings before interest, taxes, depreciation and amortisation of $5.2 million. This marks a significant 188 per cent increase on the pcp and is 58 per cent ahead of the prospectus forecast.
Adore Beauty rounded off the year with a healthy cash position of $25.9 million and no debt.
Despite the exceptional results, Adore Beauty ended the day 3.68 per cent in the red to trade at $5.49 at market close.